Question 13A customer returns $690 worth of merchandise and receives a fullrefund. What accounts recognize this sales return, assuming thecustomer has not yet remitted payment to the retailer?O accounts receivable, sales returns and allowancesO accounts receivable, cashO sales returns and allowances, purchasesO sales discounts, cost of goods sold

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: Question 13 A customer returns $690…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 5 The General Ledger entry when Goods Issued is posted is DB: Cost of Goods Sold: CR: Inventory DB:Cost of Good Sold; CR Sales Revenue DB: Inventory, CR: Cost of Goods Sold DB: Sales Revenue, CR:Inventory Question 6 (1 If the wrong item is entered into a sales order, when will the mistake be caught? none of the answers when the warehouse ships the order when accounts receivable sends the invoice when the order is received by customer
Question 25 25. (CLO5, PLO5, ZULO1) The journal entry for purchase of inventory on account will require a: O debit to cost of goods sold and credit to inventory debit to sales returns and credit to revenues debit to inventory and credit to accounts payable debit to inventory and credit to accounts receivable
Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
K Which of the following is true of net sales revenue? OA It is calculated by adding sales discounts and sales retums and allowances to sales OB. It is calculated by deducting sales discounts and sales retums and allowances from sales OC. It is calculated by adding sales discounts to sales OD. It is calculated by subtracting cost of goods sold from sales MacBook Pro
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Purchase merchandise for resale $4,000 terms 4/10, n/30 on account. How much would the payment be made for assuming that the buyer took advantage of the discount.
PARRISH Pg. 173 PURCHASE DISCOUNTS INVENTORY NET METHOD Please explain the following transactions for periodic and perpetcual Discounts using the Net Method. Receipt of Invoice Periodic Dr. Purchases 980 Cr. Accounts Payable 980 Perpetual Dr. Inventory 980 Cr. Accounts Payable 980 Payment within discount period Periodic Dr. Accounts Payable 980 Cr. Cash 980 Perpetual Dr. Inventory 980 Cr. Cash 980 Payment after discount period Periodic Dr. Accounts Payable 980 Dr. Interest Expense 20 Cr. Cash 1000 Perpetual Dr. Accounts Payable 980 Cr. Interest Expense 20 Cr. Cash 1000
True or False FE11An increase in Purchases Discounts is made by debiting the account FE12Net sales and gross sales are the same - FE13Sales Discounts is a revenue account with a debit balance -FE14Sales Returns and Allowances increase with a debit - FE15F.O.B. shipping point means that the seller of the goods is responsible for covering the shippingcosts -
Hh1. calculate net sales, cost of goods sold and gross profit from sales
24 - Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
Ch. 12-16 1 The cost of goods sold reflects the selling price of the merchandise sold over a period of time. True or False True False

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